Gland Pharma Sees Q2 Profit Drop, Revenue Rise

5 Nov 2024 , 10:50 AM

Gland Pharma reported a 15.7% YoY decline in net profit to ₹163.5 Crore for Q2, ending September 30, 2024, compared to ₹194 Crore in the same quarter last year.

Revenue from operations rose 2.4% YoY, reaching ₹1,405.8 Crore, up from ₹1,373.4 Crore in the previous fiscal’s corresponding period. EBITDA fell by 8.4% to ₹297 Crore in Q2 FY2024, with the EBITDA margin dropping to 21.1% from 23.6% a year earlier.

At the time of writing on November 5, 2024 shares of Gland Pharma is trading at ₹1766 which is a 9.63% gain than the previous close. Gland Pharma stock has gained a total of 12% in the last one year, and 7.37% dip since the beginning of the year.

The company allocated ₹49.3 Crore for R&D, representing 4.6% of its revenue, and filed seven new ANDAs, receiving eight approvals, totaling 363 US ANDA filings with 304 approvals.

Gland Pharma registered 1,726 products globally and launched four new drugs in the US market: Cetrorelix acetate, ephedrine sulfate, tranexamic acid, and diazepam.

In the Chinese market, Gland is progressing on a nine-product pipeline, with four under development and five already approved. The company has filed nine out of 19 targeted complex injectable products, with six approved and launched, and three awaiting approval.

Gland Pharma partnered with Dr. Reddy’s for biologics CDMO services, leveraging its manufacturing facility in Hyderabad’s Genome Valley, with a formal agreement expected soon. CEO Srinivas Sadu noted strong performance in core regulated markets, especially the US, maintaining a 34% EBITDA margin in the core business, though impacted by Cenexi’s contribution.